Tech stocks go haywire in $123.47 Nasdaq glitch

Posted July 05, 2017

The prices of several big-name Nasdaq-listed stocks appeared on some websites to either spike or plummet well after the closing bell on Monday, seemingly due to a glitch related to the market data that runs the largely automated markets.

The new prices triggered halts in numerous stocks in after-hours trading. Nasdaq stresses that actual stock prices were not affected, and no trading completed with incorrect pricing. "Nasdaq is working with third-party vendors to resolve the matter".

For Amazon, that would have meant a $398 billion drop in market capitalization.

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The problem lay behind routine test data sent out by U.S. exchanges including Nasdaq (NASDAQ:NDAQ), which was taken to be live figures.

According to a spokesman to Business Insider, "as part of its normal process, the UTP distributed normal test data, and certain third parties improperly consumed and propagated that data".

Mohammed Apabhai, head of Asia-Pacific trading strategy at Citigroup said: "We're more aware these days of the potential for glitches". (NASDAQ:AMZN) shares seemingly plunged yesterday on Google Finance and Yahoo Finance after third parties provided incorrect data.

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Some providers such as Yahoo Finance, Google Finance, and Bloomberg LP showed the fake changes in share prices.

A Nasdaq statement explains that the company is investigating what happened and which third-party they can blame it on. It appears that market trading was not affected, including pre-market trading.

Nasdaq added "unlisted trading privileges", a right granted by the Securities and Exchange Commission allowing exchanges to facilitate trading of stocks listed on other official USA exchanges as well, may have been a factor in the error.

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